Venezuela is the first of a list of countries with crude oil - proved reserves, and is one of the top producers and exporters of oil in the world. Oil exports account for over 95% of Venezuela's exports, 50% of government revenue, and 30% of GDP (Rossi, 2011). In the late-2010's, challenges in Venezuela are characterized by a poor economic performance, the worst in South America, combined with a lack of stable political institutions, and crisis of authority. Analyze economic phenomenon of the statement and explain the reason for the crisis